The yuan climbed toward a seven-month high after U.S. and Chinese trade officials reaffirmed their commitment to a Phase 1 trade deal, which eased concerns about a diplomatic standoff between the world’s two-largest economies. The onshore yuan climbed to 6.9032 per dollar, approaching a seven-month high after Washington and Beijing affirmed their trade deal. Against the euro, the dollar stood at US$1.1834 in Asia on Wednesday following a 0.4 percent decline in the previous session. The dollar bought 0.9084 Swiss franc, close to the lowest in more than five years against the safe harbour currency. The dollar managed to hold onto slim gains against the yen, last trading at 106.51 due to a slight rise in long-term U.S. Treasury yields.

Source: The Standard August 26, 2020 02:15 UTC